Canberra

[Quakin]

I've been looking into Kaleen recently as well. It appears that the places that I've been to are going to go beyond $400k though. Bit more than I'd like to pay.
I'm looking in the more Western Belconnen suburbs now (it's where I grew up, so I know the area).
I've changed my mind so much since I first started looking at places. Originally it was going to be an apartment or townhouse close to the city. Now I'm looking at houses in Belconnen!

 

[geoffw]

I heard recently that the suburb of Lawson was going to be developed (near Lake Ginn, on the noth side of Ginnindera Drive).

I don't know if a H&L package there would be worth while- though I suspect it would be expensive.

 

[SkiBunny]

Hi all.

LK, please include me in any Canberra meetings. [email protected]

One thing worth watching in Canberra at the mo, is what will happen to the recrutiment rates (esp grads) in the Public Service over the next 12 months. Every dept has been asked to make significant savings. This MAY cause a stagnation or even slight drop in prices depending on how deep the cuts go. I wouldn't expect any significant impact over a protracted period though. Just worth watching and bearing in mind.

I don't know about the others, but becase property is so expensive here, I am looking to buy in Qld. Although, it would be easy to do any minor renos if the property was here! : ) I just don't have a spare $450K to invest! Yet! ; ) Give me time...

Its both comforting and annoying to see that the suburbs I had picked to buy early last year all did well. I just wasn't in the financial position to invest at that time. I am on track to do so by mid 2008 though. Exciting, scary, but exciting,

If I was to buy here, I'd probably try for the older properties in suburbs around Dickson, or Weston Creek. Would LOVE to buy in the new Monlongolo development when it happens, but you can bet it'll be exy!

Good luck and happy researching.

 

[SkiBunny]

I forgot to say that I agree with Quakin too. I think the Western Belco suburbs will do well. Esp around Hold once the super school gets built.

 

[Firsthomelooker]

I'm worried about the challenge of finding a tenant in the Belconnen suburbs that aren't that close to UC. I'll be putting in as much money as I can into the repayments so to have rental income asap would be fantastic.

Don't be. We had two rentals listed less than a week before Christmas, had a tenant in the house three days after settlement (five applications from the first open home at 6pm on a Wednesday night after settling earlier that day) and could have had a tenant signed up to the unit but had concerns so held off (two applications from the first open). As it was we had a tenant signed up to the unit less than two weeks after settlement, and those two weeks fell over the Christmas / New Year period.

 

[geoffw]

FHL

I agree about the low vacancy and high demand.

I've experienced the same thing when letting out a property about six months ago; employees are still reporting big difficulties obtaining rental accommodation.

 

[dex123]

ABC is reporting that the Canberra market will perform well: http://www.abc.net.au/news/stories/2008/01/25/2146307.htm

 

[geoffw]

Actually, the article reports that it HAS performed well, but with a comment from APM that it's approaching its peak.

 

[Quakin]

Maybe it's because I've only been doing my research in the last couple of months and interest rates are rising, but it seems like a large number of places are being passed in at auction?
What's the go? Are people asking/expecting too much or are people not bidding enough? I'm trying to get a feel for what places are selling for in different areas and they're not selling damn it!

 

[Athenaa]

Quakin which surburbs are these auctions related to? What price range are they asking? Can you share your experience? Thanks.

 

[Quakin]

Just a few I'd seen were Dickson $475k passed in. Kaleen $440k passed in. Fraser (not sure on the price) and Spence passed in.
When I had a look on Wednesday night at the LJ Hooker auctions I saw 6 of 6 sold. Though, there were still quite a few more to be auctioned off. I think a couple of times they had to call up the owner to check with the price as well.
I guess if you want to buy at an auction your best bet would be on site
Saying that, and using what I've seen in my (limited) experience/research I thought a place in Dickson would go for close to $500k, but the agent thinks $440-460k and apparently that the owners are looking for around that.
Who knows? It'll probably go for $500k anyway...
I think I might stick to checking out the Belco area. With the new bits of land being opened up all around the north side surely this would ease off the prices a bit?

 

[jericho]

Hi,

I have until recently been a property manager in Canberra and have found over the years, that your best bet for a property that is going to lease time and time again are the ones that are near either the ANU or UC (Uni of Canberra). I would recommend areas such as Cook in Belconnen as something to check out as it is popular with both uni students and families, it is also older style housing that is realistically not too far from the city. I would also look at suburbs like Lyneham and O'Connor if you were looking for a townhouse/unit as these rent extreemly fast as they are very popular with proffessionals and students alike and generally command a good return. Also any of the suburbs that surround Woden's CBD are excellent performers with suburbs such as Lyons, Fisher, Swinger Hill renting very quickly as well. I know this is probably not the main info you are after but sometimes it helps to keep these things in mind....